New York Times Co. To Sell Stake In Boston Red Sox
The New York Times Co. says it has hired an investment firm to sell its stake in the Boston Red Sox.
The New York Times Company owns the Boston Globe and the Worcester Telegram & Gazette. And in 2002, when times were better for the newspaper industry, the company also bought a 17.8 percent stake in New England Sports Ventures. That's the company that owns the Red Sox, Fenway Park and the cable sports network NESN.
But now times aren't so good for the New York Times Company. Its earnings over the last three months plunged 48 percent due to lower ad revenue and the weak economy. Investors have been pressuring the Times to sell assets.
The potential sale has implications for the financial future of both the Boston Red Sox and the Boston Globe.
This program aired on January 28, 2009. The audio for this program is not available.